Weaker demand for iPhones, ongoing delivery delays and high inflation could make last year’s blockbuster holiday season hard for Apple (AAPL) to top this year.

Apple’s latest iPhone model – the iPhone 13 - rolled out this quarter to lower-than-expected demand, according to reports.

Bloomberg News reported that Apple has already cut its iPhone 13 production goal for this year by as many as 10 million units, down from a target of 90 million, because of a lack of parts. The company has warned vendors that orders may not materialize.

CNBC reported on Thursday that while Apple’s stock weathered the Omicron-fueled volatility in the market this week, the company acknowledging weak iPhone demand along with ongoing supply chain issues rattled investors.

Shares of Apple on Thursday closed at $163.76, down $1.01, or 0.61%.

But analysts and Apple CEO Tim Cook still expect Apple to report record revenues for the quarter based on last year’s holiday season performance when the company booked more than $100 billion in revenue for the first time.

Analysts are projecting a sales increase of 6% to $117.9 billion in the fiscal fourth quarter.

In addition to the iPhone 13, Apple also introduced a new version of AirPods and a redesigned MacBook Pro for this holiday season.

Cook told CNBC that he expects revenue growth for the quarter, but predicted supply constraints will cost the company at least $6 billion in missed revenue as consumers pull back on trying to find the highly sought-after iPhone 13 or pass on having to deal with delivery delays.

Cook said the hope was to make up much of that $6 billion shortfall next year when supply logjams may be lifted.